On Wednesday, Rex Energy Corporation (NASDAQ:REXX)’s shares surged 7.13% to $4.81, as oil prices were increasing.
WTI crude was up 3.42% to $55.11 at 11:13 a.m., while Brent crude rallied 1.97% to $59.58, according to CNBC.
Oil prices extended their rally from Tuesday as government data demonstrated a smaller-than-predictable raise in crude oil stockpiles in the U.S. in the latest week.
The U.S. Energy Information Administration declared crude oil stockpiles rose 1.3 million barrels to 483.7 million barrels in the week ended April 10. Analysts surveyed by the Wall Street Journal had anticipated a rise of 3.6 million barrels.
Even with the smaller-than-predictable raise, stockpiles remain at the highest level in about 80 years, according to the EIA.
Rex Energy Corporation operates as an independent oil, natural gas liquid, and natural gas company in the Appalachian and Illinois basins in the United States. The company focuses on the Marcellus Shale, Utica Shale, and Burkett Shale drilling and exploration activities in the Appalachian Basin, in addition to on developmental oil drilling and the implementation of improved oil recovery on its properties in the Illinois Basins.
Laredo Petroleum, Inc. (NYSE:LPI)’s shares gained 6.90% to $15.19, during the last trading session on Wednesday.
Laredo Petroleum, hosted an investor meeting on April 13, in Houston, TX and talked about the Company`s business strategies, detailed on key projects and plans for growth.
Update Highlights:
- Declared preliminary production volumes of 4.27 million barrels of oil equivalent (“MMBOE”) for the first quarter of 2015, a Company record and an raise of about 47% from first-quarter 2014
- Updated production guidance for full-year 2015 to a range of 15.6 MMBOE to 16.0 MMBOE, an predictable raise of about 13% to 16% from 2014
- Released initial type curves for 10,000-foot horizontal wells in the Upper and Middle Wolfcamp and Cline shale zones of 1.1 MMBOE, 1.0 MMBOE and 1.0 MMBOE, respectively
- Declared an inventory of 4,865 de-risked horizontal drilling locations
- Reduced well cost estimates for multi-well pads to about $5.9 million, $6.1 million, $6.2 million and $6.5 million for the Upper, Middle and Lower Wolfcamp and Cline shale zones, respectively.
Laredo Petroleum, Inc. operates as an independent energy company in the United States. It focuses on the acquisition, exploration, and development of oil and natural gas properties primarily in the Permian Basin in west Texas. As of December 31, 2014, it had interests in the 196,683 net acres in the Permian Basin; and had total proved reserves of 247,322 thousand barrels of oil equivalent.
Finally, Stone Energy Corp. (NYSE:SGY), ended its Wednesday’s trading session with 6.88% gain, and closed at $18.96.
Stone Energy, declared that David H. Welch, the Company’s Chairman, President and Chief Executive Officer, will present at the IPAA Oil & Gas Investment Symposium in New York at the Sheraton New York Times Square Hotel at 9:10 a.m. Eastern time on Tuesday, April 21, 2015. A live webcast will be accessible in the “Events and Presentations” section of the company’s website, www.StoneEnergy.com, and the replay will be accessible one hour following the presentation. In addition, the presentation material will also be accessible in the “Events and Presentations” section of the company’s website within 24 hours of the presentation.
The Company also declared that Thomas L. Messonnier, Director of Planned Planning and Marketing, will present at the 19th Annual Burkenroad Reports Investment Conference at the Hyatt Regency Hotel in New Orleans at 11:30 a.m. Central time on Friday, April 24, 2015. The event is hosted by Tulane University’s Freeman School of Business and is free and open to the public.
Stone Energy Corporation, an independent oil and natural gas company, engages in the acquisition, exploration, exploitation, development, and operation of oil and gas properties in the Gulf of Mexico and the Appalachia region.
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